Financials Greencore Group plc Irish S.E.

Equities

GCG

IE0003864109

Food Processing

End-of-day quote Irish S.E. Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

17/06	FTSE 100 makes tepid start as peers climb	AN
17/06	Third UK company recalls product over potential E.coli contamination	AN

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,001	442.8	757.4	363.7	364.8	814.9	-	-
Enterprise Value (EV) ¹	1,290	854	1,000	591.7	563.8	1,006	987.7	954.1
P/E ratio	11.3 x	-38.5 x	28.9 x	11.6 x	10.5 x	18 x	14.8 x	13.6 x
Yield	2.76%	-	-	-	-	1.07%	1.68%	2.31%
Capitalization / Revenue	0.69 x	0.35 x	0.57 x	0.21 x	0.19 x	0.44 x	0.43 x	0.42 x
EV / Revenue	0.89 x	0.68 x	0.75 x	0.34 x	0.29 x	0.55 x	0.52 x	0.49 x
EV / EBITDA	9.08 x	10 x	10.5 x	4.66 x	4.25 x	6.99 x	6.44 x	5.84 x
EV / FCF	27.4 x	-31.3 x	15.2 x	13.4 x	8.95 x	22.7 x	17.9 x	18.8 x
FCF Yield	3.65%	-3.2%	6.56%	7.49%	11.2%	4.41%	5.58%	5.32%
Price to Book	3.99 x	1.61 x	1.75 x	0.79 x	0.82 x	1.73 x	1.59 x	1.46 x
Nbr of stocks (in thousands)	4,45,984	4,42,760	5,24,871	5,15,850	4,80,577	4,54,228	-	-
Reference price ²	2.245	1.000	1.443	0.7050	0.7590	1.794	1.794	1.794
Announcement Date	26/11/19	23/11/20	30/11/21	29/11/22	28/11/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,446	1,265	1,325	1,740	1,914	1,835	1,896	1,954
EBITDA ¹	142	85	95.7	126.9	132.8	143.9	153.5	163.2
EBIT ¹	100.7	32.5	39	72.2	76.3	86.54	95.65	104
Operating Margin	6.96%	2.57%	2.94%	4.15%	3.99%	4.72%	5.04%	5.32%
Earnings before Tax (EBT) ¹	56.4	-10.8	27.8	39.8	45.2	61.51	72.46	76.81
Net income ¹	106	-11.5	25.4	32.3	35.9	45.22	55.23	60.94
Net margin	7.33%	-0.91%	1.92%	1.86%	1.88%	2.46%	2.91%	3.12%
EPS ²	0.1990	-0.0260	0.0500	0.0610	0.0720	0.0997	0.1215	0.1321
Free Cash Flow ¹	47.1	-27.3	65.6	44.3	63	44.33	55.1	50.8
FCF margin	3.26%	-2.16%	4.95%	2.55%	3.29%	2.42%	2.91%	2.6%
FCF Conversion (EBITDA)	33.17%	-	68.55%	34.91%	47.44%	30.82%	35.9%	31.12%
FCF Conversion (Net income)	44.43%	-	258.27%	137.15%	175.49%	98.05%	99.76%	83.36%
Dividend per Share ²	0.0620	-	-	-	-	0.0191	0.0302	0.0415
Announcement Date	26/11/19	23/11/20	30/11/21	29/11/22	28/11/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	712.7	552	577.1	747.7	385.4	770.8	968.8	-	987.9	-	957
EBITDA	63.8	21.2	26.5	69.7	-	43.8	83.1	39.9	-	-	-
EBIT	38.3	-5.8	0.2	38.8	-	17.2	55	11.8	66.3	-	59
Operating Margin	5.37%	-1.05%	0.03%	5.19%	-	2.23%	5.68%	-	6.71%	-	6.17%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	11.5	-
Net margin	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	0.0240	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19/05/20	23/11/20	25/05/21	30/11/21	24/02/22	24/05/22	29/11/22	30/05/23	28/11/23	21/05/24	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	289	411	243	228	199	191	173	139
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.032 x	4.838 x	2.536 x	1.797 x	1.498 x	1.328 x	1.126 x	0.8527 x
Free Cash Flow ¹	47.1	-27.3	65.6	44.3	63	44.3	55.1	50.8
ROE (net income / shareholders' equity)	20.5%	3.13%	5.37%	10.8%	8.95%	9.34%	10.5%	11.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	3.28%	4.02%	4.46%
Assets ¹	-	-	-	-	-	1,378	1,373	1,367
Book Value Per Share ²	0.5600	0.6200	0.8300	0.8900	0.9300	1.040	1.130	1.230
Cash Flow per Share ²	0.1600	0.0100	0.2000	0.1800	0.2000	0.2300	0.2600	0.3000
Capex ¹	39.6	29.8	37.1	50	37.4	43.5	50.5	51.7
Capex / Sales	2.74%	2.36%	2.8%	2.87%	1.95%	2.37%	2.66%	2.65%
Announcement Date	26/11/19	23/11/20	30/11/21	29/11/22	28/11/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Greencore Group plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.794 GBP

Average target price

1.579 GBP

Spread / Average Target

-12.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NESTLÉ S.A.	-5.08%	27TCr
MONDELEZ INTERNATIONAL, INC.	-7.50%	8.98TCr
DANONE	-0.20%	4.08TCr
KRAFT HEINZ	-13.22%	3.9TCr
THE HERSHEY COMPANY	-1.23%	3.72TCr
GENERAL MILLS, INC.	-3.47%	3.51TCr
ARCHER-DANIELS-MIDLAND COMPANY	-15.04%	3.03TCr
ASSOCIATED BRITISH FOODS PLC	+4.44%	2.35TCr
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-17.08%	2.06TCr

Other Food Processing